Polymetal wins an auction on sites containing 120 tons of gold and 1.6 tons of silver.

Subsidiaries of Polymetal plc, the largest silver producer in Russia and one of the leading gold producers, won the auctions for exploration and production of gold, silver and associated components at four sites in the Magadan Region and one in the Khabarovsk Region. Total reserves and resources of these areas represent more than 120 tons of gold and 1.6 tons of silver, the materials of Rosnedra inform.

The total cost of Polymetal’s participation in these auctions amounted to about 153 million roubles. The company will be granted a license for the five sites for 25 years.

The largest won lot was the Irbychan deposit in the Magadan region with gold reserves of C1 – 10,635 kg, silver - 301.3 tons. The subsidiary of Polymetal - LLC "Omolon Gold Mining Company" won the auction, paying 137.94 million roubles for this deposit with a starting price of 125.4 million roubles. Just one bet was made at the auction.

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